De La Rue inks joint-venture agreement with Nairobi

De La Rue inked an agreement with Nairobi to base one of its Centres for Excellence in the East African country following the creation of a joint-venture between the two.

The facilities of the JV, employing about 290 people locally, would supply both the domestic and export markerts, De La Rue said in a statement.

Under the terms of the agreement, Kenya's government would take a 40% stake in the bank note printer's wholly-owned subsidiary De La Rue Kenya EPZ Limited at a cost of £5.0m, payable upon completion.

Martin Sutherland, Chief Executive Officer of De La Rue, commented: "De La Rue is delighted to have extended our longstanding relationship with the Government of Kenya into an ever closer partnership. The joint venture fits with our strategy of expanding into key growth markets through long term partnerships. It will secure our position as a supply hub of currency and security solutions for the largest economy in East Africa and for the region."

As of 16:21 BST shares in De La Rue were up by 0.56% to 625.50p.